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If these firms had a nickel for every M&A deal…

If these firms had a nickel for every M&A deal…

Lorenzo Pacitti

Nickel producer Western Areas has acquired a nickel operation in Western Australia with the aid of two major firms.

Firms: Ashurst (Western Areas Ltd); Clayton Utz (Glencore)

Deal: Western Areas’ purchase of Glencore’s Cosmos Nickel Complex project.

Value: $24.5 million

Area: M&A

Key players: Corporate partners Lorenzo Pacitti (pictured) and Roger Davies led the team for Ashurst, which also included banking & finance partner Gaelan Cooney.

Clayton Utz was the legal adviser to Glencore.

Deal significance: Cosmos Nickel Complex (CNC) is in the Agnew Wiluna Nickel Belt, about 370 kilometres northwest of Kalgoorlie in Western Australia. The belt is home to a mine working one of the highest-grade nickel deposits ever discovered.

The acquisition presents substantial exploration opportunities in largely untested areas and potentially includes a third underground mine exploiting the undeveloped Odysseus deposit.

Western Areas will acquire 100 per cent of the CNC with a cash purchase of $24.5 million, comprising three instalments: $11.5 million on completion; $7 million nine months after completion; and $6 million 18 months after completion.

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If these firms had a nickel for every M&A deal…
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